Ryan Statement on Statement on Tax Agreement

Bipartisan agreement avoids crippling, across-the-board tax hikes

WASHINGTON – In response to a recently announced bipartisan agreement to prevent looming tax increases, House Budget Committee Ranking Member Paul Ryan (WI-01) issued the following statement:

“President Obama has acted responsibly in reaching an agreement with Republicans to prevent across-the-board tax increases from hitting American families and job creators. Sound economics appear to have trumped the politics of class warfare. While I prefer a permanent prevention of tax increases to promote growth and ensure certainty, there is a growing bipartisan consensus that raising taxes would be a big mistake. This agreement affirms an essential proposition: raising tax rates hinders economic growth and job creation.

“Policymakers cannot continue to chase ever-higher levels of government spending with ever-higher tax rates. To address the Federal Government’s fiscal imbalance, we need both economic growth and serious spending discipline. It is critical that we match opposition to tax increases with a commitment to restrain the explosive growth of government spending.

“While I have concerns with some specific aspects of the plan, I support the proposed framework to avert further economic hardship and provide a first step to restoring the foundations for sustained growth and job creation. I look forward to working with my colleagues to keep taxes low, and will continue to make the case for an equal commitment to spending restraint and real reform.”